Silver Price Analysis: XAG/USD defends $24.00 on mixed technical signals

• Silver keeps late Thursday’s rebound, picks up bids of late.
• Spinning top candlestick below 200-day EMA challenge upside moves.
• Previous resistance line, firmer RSI keep buyers hopeful.

Silver (XAG/USD) picks up bids to $24.20, up 0.10% intraday amid Friday’s Asian session.

The bright metal jumped to the highest levels since September 07 the previous day before snapping a two-day uptrend, which in turn portrayed a bearish spinning top candlestick on the daily chart. Also keeping the sellers hopeful is the commodity’s pullback below the 200-day EMA.

However, the resistance-turned-support from July 06, around $23.95 by the press time, joins the firmer RSI line to challenge the quote’s further weakness.

Also acting as a downside filter is another trend line support from early July, near $23.30. It’s worth observing that a monthly ascending trend line at $23.15 adds to the supports and challenge the XAG/USD bears.

On the contrary, an upside break of a 200-day EMA level of $24.54 needs validation from September’s high of $24.86 before targeting the August month’s peak of $26.00.

Overall, silver prices grind higher but need a strong push to the north.

Silver: Daily chart

Trend: Further upside expected